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Feb 5, 2013 3:00pm PST
are they only targeting s&p? why not moody and fitch who is also rating these collateralized cdos. >> i don't know why they would target only s&p. moody's is every bit involved. fitch, too. the whole rating system is broken because as you pointed out in your excellent piece leading up to this, that the rating agencies are paid by the investment banks. any time they are paid by the investment banks as their employees--their own employees pointed out, they're going to do what the investment bangs have banks have asked them to do, which is to rate these cdos. there were thousands of these cdos and cdos squared and all sorts of squirrly securities that were rated triple-a. and the reason why they were rated triple-a, that's what the banks wanted them to do. they did exactly what they were paid to do. the model is broken, all these ratings agencies that have this model should pay. the litigation should be brought against them. i don't i don't why it's just s&p. moody's was just as bad. fitch was justed a bad. >> jennifer: maybe they only had evidence to go after them first. i don't kno
CNBC
Feb 4, 2013 3:00pm EST
appear that finally s&p is in the sights of federal prosecutors. but not moody's. kind of an interesting question. and one at least that i'm hearing from sources close to s&p, they believe perhaps stems from their decision to downgrade the debt of the u.s. government back in the summer of 2011. is it political payback? they're at least asking the question. s&p has gotten ahead of the u.s. government by putting out its own press release saying it would be without factual or legal merit for the doj to sue. as we previously also reported, there were at least -- there was a desire on the part of the doj to get at least a billion dollar settlement and admission of guilt from s&p to drop the charges. s&p said no thank you. it would be a long time until we go to court, but this is an interesting potential case and certainly an important news story that is having significant pressure on both mcgraw-hill stock price and interestingly on that of moody's despite according to our sources there does not seem to be a case mounted against moody's president . at least at this point. >> selli
CNBC
Feb 4, 2013 4:00pm EST
this justified, you think? sharp declines on moody's and s&p. >> yeah. i don't know how justified, but the market being so strong, it's looking for an excuse to go down. this could well be a reason. you know, some sort of headline risk like this. you're always exposed to. but here at the hodges funds, we'll use the selloff to buy great businesses on sale. so we are seeing a lot of opportunities out there. >> rick santelli, what about that trade coming out of fixed increase going into stocks? are you a believer or no? is it gaining traction or no? you don't have evidence of it? >> no. i personally don't see a huge sector change. i think it's always going to be out there. and i think with a lot of money sidelined, it's just putting money to work. many believe it's going to end up in equities. to be up 12 basis points in a five year to date or 21 basis points in a ten, as large as that may sound, i don't think that's near the big horse power ultimately that trade could generate. on the rating agencies, you know, it sounds a lot like sour grapes. i think the rating agency made a bunch
FOX Business
Feb 10, 2013 1:30am EST
look bad. >> i don't buy it. they're going to start with one, start with s & p and the case go goes-- moody's the justice department is probing moody's among other regulators and looking into-- they're going to see what they can extract from s & p and if they can win in court. >> i know for a fact there have been congressionalal hearings on this. moody's had e-mails we're' talking about, will rate-- >> and in order the same sort of stuff. >> that's what i just said, that's what i just said, that moody's is-- because they're not going to go after them all at the same time if they know-- >> and why moody's first? >> and ultimately though, can this just be a scare tactic, in other words, hey, don't ever think about downgrading america's debt again or... well, look, i hope not. i hope it's not just scare tactics and frankly, i couldn't be happier, i was yelling and screaming in '08, this was fought in plain sight and the conflict of interest of rating something that you-- that the people pay you to rate is a joke. it's like if you were a father of a daughter in the miss america pageant,
FOX News
Feb 9, 2013 11:30am PST
with one, start with s & p and the case go goes-- moody's the justice department is probing moody's among other regulators and looking into-- they're going to see what they can extract from s & p and if they can win in court. >> i know for a fact there have been congressionalal hearings on this. moody's had e-mails we're' talking about, will rate-- >> and in order the same sort of stuff. >> that's what i just said, that's what i just said, that moody's is-- because they're not going to go after them all at the same time if they know-- >> and why moody's first? >> and ultimately though, can this just be a scare tactic, in other words, hey, don't ever think about downgrading america's debt again or... well, look, i hope not. i hope it's not just scare tactics and frankly, i couldn't be happier, i was yelling and screaming in '08, this was fought in plain sight and the conflict of interest of rating something that you-- that the people pay you to rate is a joke. it's like if you were a father of a daughter in the miss america pageant, you are the judge so i'm glad somebody is getting i
CNBC
Feb 4, 2013 7:00pm EST
going to sue moody's. mcgraw hill fell. they will sue s&p for being credit dummies on mortgage-backed securities and collateralized debt obligations. i don't know. is this meritorious? it seems there is no law about being stupid. they were stupid. but if you can't show intent there is no law about stupid. why do this? >> you have e-mails from s&p officials saying we sold our souls to the issuers of mortgage-backed securities. there is a case to be made for intent. i'm not a lawyer. i won't comment on the trial. it's not a far-fetched case. the systemic effects are zero. all of the errors in ratingses have been into the market. subprime securities have been trading off the actual cash flows as opposed to ratings. it may be bad and worse for mcgraw hill if civil suits get in on this. it won't affect markets. >> i didn't think so either. there is no session. profits are still rising. the fed is still on the easy side. actually, another interesting thing. because the stock market has done well, because the housing market is doing well, we have wealth creation which might put juice into th
FOX Business
Feb 5, 2013 6:00pm EST
looking for advice on whether the mortgage debt with a good investment or not, s&p, moody's, they said sure, we all like it. >> altogether, i agree with you. if they had all done their jobs, perhaps this could have been avoided. think of this, that come out and said this is junk, saying we are giving aaa ratings for this kind of stuff, that is not going to set off a single problem or stop this from happening so i get what you're saying. go through all of them. gerri: maybe they will. what do you expect? years and years of litigation, millions of dollars spent on ridiculous attorney fees. >> it is the lawyer's fair employment act. you can hear the buzz saws cutting down every tree for 10 million pieces of paper, okay? at the end of the day they will argue and fight until the case for a couple hundred million dollars in delegation of no wrongdoing. melissa: thank you for coming on tonight. >> thank you. gerri: another warning of spending problems and president obama misses the deadline to submit a budget. can you believe that? but here's not miss the opportunity to place blame. our
CNBC
Feb 5, 2013 1:00pm EST
. stupid, we didn't know better. why s&p, not moody's and fitch. >> it looks very bad s&p. it downgraded us, looks like revenge. >> downgraded united states government. >> not cnbc, of course. it just looks very bad. remember, one of president obama's big donors is a big owner of one of the competitors moody's not sued. this is causing a lot of doubt about the case. people don't think it looks right. >> revenge is what it looks like. but they are spending a lot of dollars -- >> we don't know if they might go after fitch or mood yzerman. >> that's right. if we did get something like a global settlement, it could be bad for all the businesses. look what happened to wall street research analyst after global sentiment of 2003. that business had its legs taken out from under it all together. the end of this case may be a big problem for all. >> there's the gong, mercifully. we move on, new scandal shaking up the sports world. this time in soccer with evidence tying hundreds of global matches to an asian betting syndicate. this may reach into the english premier league and elsewhere
FOX Business
Feb 5, 2013 1:00pm EST
after s&p and after moody's and not moody's and fitch? s&p, maybe i'm biased has been a leader in terms of telling people this is what we do. this is how we do it. they have been very open, more than the other two ratings agencies and i think the reason doj is going after them because they have been so open, saying this is our rules. these are our criteria. doj can look at that and say we think now we caught you on something you said you were doing but now you're not. >> we should point out that doj has been working on this case, i got this from a source that is advisor to the government for several is years now. they have been clearly looking at the rating agencies, following the financial crisis. they think, just because the other ones didn't get charged. that doesn't mean they won't get charged. they seem to think this is the best case they got because this is the first case they're bringing the my question to you though is this. the bankers would go around to various rating agencies and say, well, if you don't give us a aaa on this i'm taking it to this guy. they would play ea
CNBC
Feb 5, 2013 9:00am EST
. moody's had the highest operating margins than any s&p company for five years in between 2002 and 2007. five of those seven years. but moody's is not a part of this. which i do find strange. >> all the stocks down sharply. >> stock down sharply. state ags may get involved, according to "the new york times." i have not heard that. but my moody's was not a part of this. it's at least a question. i don't understand why it wouldn't be. why wouldn't this be a concerted action against all the rating agencies? and we are six years since this was allegedly -- >> maybe they have someone. >> right. >> maybe someone's cooperating with the government. >> there were plenty of people who testified in front of various committees in front of the financial crisis commission. >> we're on the floor of the stock exchange where people are convinced there is a con spir assy theory out there with the government. >> and the fact that the s&p is the only one that did that. >> exactly. >> united states of america, and i haven't seen them, other than nixon, play politics. when nixon fired the justice department
CNBC
Feb 8, 2013 4:00pm EST
firms. >> do they have the same kind of damaging e-mails at moody's that they have at s&p? >> presumably they have at least as many e-mails, whether they are damaging or not will be up to courts to decide. they were able to get into all of these. remember, back in 2008, a big congressional hearing with all three of these firms on the hot seat, and all of them responding to e-mails of the same kind that wound up in this civil complaint against s&p so you can presume, that yes, they have a fair amount of e-mails from moody's, a fair amount from fitch's, and the question is when and how will they use them? >> now, is there a danger of putting these firms out of business, scott? >> that's the issue. >> again, if you keep comparing this to the analyst scandals, south side research is nothing like it was, and can you argue that gave rise to a lot of other unintended consequences like a lot of insider trading, so if we get rid of these ratings firms and all the important functions that they have, what will that mean to rating this kind of debt that's out there and that's the ques
FOX Business
Feb 11, 2013 4:00pm EST
financial crisis. that led to a drop in mcgraw-hill, the parent company of s&p. moody's came down with it, even though they weren't particularly mentioned. today they had a pop up again. it was up 4 1/2%. >> right. last week was moody's worst week since october of 2008. today we can say they're the number two best performer on the s&p 500. certainly popping at 1.5% today. nicole: bad news for blackberry today, lauren. tell us about it. >> home depot, yet another company putting its employees on the apple iphone. david: all right. [closing bell rings] the market is down 20 points. looks like it is trading down as we get the bells ringing on wall street. the first trading day of the week. let's look what is going on here. the dow is down about 21 points. the nasdaq down as well. all four indices to the downside. just a tick though as far as the s&p and the nasdaq and russell 2000. nicole: the see the s&p is still holding the 1500 mark. a pair of safe haven and delicious consumer staple he wills stocks. i like saying delicious. s&p hitting 10th record high. hormel hitting its 17th record hig
FOX Business
Feb 6, 2013 12:00am EST
? a lot of people are asking why s&p as opposed to moody's and fitch as well? is there politic moat vision -- motivation behind this because the s&p has been critical of the government's own ratings. >> this has been a long time coming. this by the way is not just the u.s. government. about 15 states are also involved in this statute and a number of people have been asking why the, why there hasn't been an action taken to date about a primary cause of the 2007-2008 credit crisis whereby according to several commissions the inflated ratings were identified as a principle cause of the credit collapse. melissa: does that mean you think others will follow? do you think the other guys are just as guilty and we'll hear about it and what about yourself? >> i don't know whether there will be others. certainly from s&p's perspective they will say, they issued the same ratings as their two major competitors so why should they be singled out? i think it is a function what sort of investigations are underway at the other two firms. melissa: do you think they're looking at your ratings? >> we've
FOX Business
Feb 4, 2013 9:00pm EST
financial crisis. s&p rivals, moody's and fitch have also come under fire for regulators for giving pristine credit ratings to sub prime mortgage debt which turned out to be toxic. the high ratings fuel the housing bubble which eventually burst. the move against s&p would be the first federal case tickets to major credit rating -- rating agency tied to the financial crisis. it was s&p that cut the u.s. aaa credit rating back in august august 2011. unbelievable. meanwhile, the obama administration has been getting called out for picking winners and losers in the energy sector, mostly losers. a nebill would eliminate all of the energy, all of the energy tax credits. would that make it even playing field for people in that this is? running me now, republican congressman of kansas superposed the bill. congressman, welcome to the show. are you trying to accomplish with this? >> several things, first of all. thank you for having me on the show and talk about this. this is about affordable energy for the folks in kansas and california. affordable energy that they can depend on and rely on.
FOX Business
Feb 5, 2013 11:00am EST
conspiracy theory driven by the u.s. government. cheryl: why not moody's? why just s&p? why not? >> i can't tell you what they have with regard to e-mails if s&p had more e-mails or forced e-mails than moody's or fish had. cheryl: there could be other agencies? >> find it hard to believe if you blame one and not all three, they would be in the same boat. cheryl: what defense strategy will s&p have? other than the easy answer, there's no case here, they don't have enough proof, what would a strategy be for us? >> the ones coming up, no longer holding muster is freedom of speech or gave general overview and nothing specific anyone could hang a hat on. in and ever itself, if you had access to information which you knew to be true, and you publish something otherwise, you'd be in trouble. in this case, if they believe they have information and can't show the files as of that time in history was reflective of bad information, that would be my defense. cheryl: but are they liable if they didn't, in fact, deviate from internal controls put in place at the time? i mean, does that mean they ar
FOX News
Feb 5, 2013 4:00pm EST
. they didn't say s&p. there's moo moody's, all of these provided their opinion on toxic mortgage bundle and led the collapse. >> that same question was posed to a justice department official today. let's listen to what he had to say. >> why is there only a suit against s&p and not all the issuers mentioned in the various deals in your complaint? >> again, we do believe it was fraud, which is why we've charged s&p with that. and again, as regards any other institution or any other individual, we are just not in the position to make any comments on where we are in those regards. >> do you want to chime? >> but with a lawsuit you put in all the parties you suspect may be responsible. you don't pick and choose. this is a civil lawsuit, not a criminal one so talking about civil fraud and damages, bring in the parties who key responsible. s&p, mod h moodiys. >> i want to get the substance of the charge. mel lisa, you read the documents. does the justice department have a case? >> air stupid e-mail and song at the heart of this. you have an analyst who 'twas dumb enough to put it down in an e-
CNBC
Feb 14, 2013 6:00am EST
. >> while we have you here -- >> we got to go. >> -- moody's after everything that's happened with s&p, the trouble that they're in with the government, moody's stock's been punished by this, too. how much moody's do you still own? >> well, we own -- we haven't changed our ownership in at least, at least oh, i don't know, i'm sure almost a year. i mean, with moody's we own over 10%. so any time we have, as we had a purchase which we haven't had or a sale we have to report it within two days. so that gets picked up very, very quickly. and i know we haven't sold any anyway. i'm not at the office now so i don't have the number of shares in front of me. but it's something over 10% because we're still in a situation where we would have to report within two days if we bought or sold any. and we haven't sold any for i don't know a long time. >> what do you think about the government's case against first of all s&p, and then potentially that spreading out to the other ratings agencies? >> well, we'll just have to see what the facts are in the law. and they've standard & poor's so they must thi
CNBC
Feb 5, 2013 2:00pm EST
want, assuming we want more compositietition. s&p costs will go up moody's even if they aren't attacked now. that will increase regulatory compliance and insurance cost for the entire field which means it could be a barrier to entry to smaller firms. >> no question about it, the unintended consequences of these efforts. the european effort, dodd/frank increased liability standards for the ratings agencies. that alone increased the costs for anyone who wants to be an nrsro which makes firms like rapid ratings decide we don't want to be an nrsro, frankly costs are far greater than actual benefits of having this designation. >> how do we fix this? >> we need to focus on creating an environment that fosters competition. ultimately until we have new methodologies like rapid ratings and others approaching the market in different ways, new revenue models, not being paid by issuers where there's a potential conflict of interest but paid by subscribers. all these things need to be fostered and we need to make sure we're not creating barriers that makes small firms say i don't want to be
CNBC
Feb 7, 2013 9:00am EST
moody's and s & p, the two dominant firms. how has it been to gain currency in this market with the various issuers and the like since you started the business? >> we felt very welcomed. we just finished our first full year of ratings. we ended up in third place in the league tables and cmbs, commercial backed mortgage securities. the investors have really been the key to that. looking for better quality and legitimate research with no double entran dra. >> assume you are excited, i don't know if that is the right word, tough see opportunity as a result of the pressure s & p is going to be under. >> very clear from this lawsuit that they are going to have years of difficulty defending what is really unconscionable behavior, those of must the field understand has been taking place a long time this is the reason, this lawsuit is the reason i went into this business, to try to change this. this industry, this industry was out of control and this lawsuit calls the question in a serious way. >> floyd abrams, lawyer for s & p, i interviewed a couple days ago on our set, had this to say in
FOX News
Feb 5, 2013 10:00am PST
that question why s&p? why is moody's, another rating agency, why are they not being targeted? i talked to an attorney earlier today who thinks mood moody's we brought into the fold. for now it's only s&p. here's what the complaint asserts, that the considerations regarding fees, market share, profits, relationships with issuers, improperly influenced s&p's rating criteria and models. what they're saying is there's two sides to the business at s&p. they give ratings on things like mortgage backed securities, the instruments that caused the financial crisis when homeowners couldn't pay their bills. they're saying the church and state, if you will, that's supposed to be in place at s&p was not in place and that fees are being collected based on these good ratings. they say that's illegal behavior. there's also kind of an interesting component in that they've got in witness analyst d, if you will, at s&p who was basically using the ole talking heads song from the '80s, burning down the house. he was putting out a video, an e-mail, making jokes about the fact that the house was going
CNBC
Feb 8, 2013 4:00am EST
s&p because the paper trail is stronger than with moody's. taking a loot shares, mcgraw-hill down 1% this morning. moody's is up slightly. those comments trying to deflect criticism that it went after s&p because s&p downgraded the u.s. >> tit for tat. >> absolutely. >>> usain bolt could be ready to end its british boycott. george osborne has granted this summer's london grand prix meeting a one off tax amnesty. >> under uk law, athletes competing in the country have to pay 50% tax on their appearance fees and 10% of their annual worldwide earnings. it follows a legal lawsuit against entree agassi in 2006. some of your favorite athletes don't make it to the british competitions. >> we wondered, is it fair for athletes to give special tax breaks? john says it's okay as long as all athletes are giving the same. they haven't just given usain bolt. anybody competing in that event will be excluded. >> in the same way that the olympics are excluded and -- >> champion's league finals and major events get excluded. so anybody competing in that event. it's not just usain bolt. it's anybody i
CNBC
Feb 5, 2013 3:00pm EST
after s&p, why wouldn't you gone after moody's as well, the other large ratings agency that engaged in so many of these practices that we're well aware of given all the e-mails unearthed and that which scott referred to. here's what holder had to say on the overall question of whether this was political payback. >> they did what they did assessing what the credit worthiness was of this nation. we looked at the facts, the law and the investigation that these great prosecutors and civil lawyers put together and made a determination that the filing of these lawsuits is appropriated, but they are not in any way connected. >> the settlement talks as we've previously reported, the government saying we want at least ten plus, at least $1 billion. mcgraw hill, the parent of s&p, had come back perhaps with $100 million offer. they also want an admission of guilt. hence, they have brought those charges, but it's going to be quite some time until we see them, if we ever do in a court of law. >> david, what's the answer as to why moody's is not being investigated as well. i don't understand. wh
FOX Business
Feb 5, 2013 9:20am EST
doesn't have a strong enough case. liz: well, i don't know. i mean, listen, i know that s&p and moody's, the whole rating industry is very frightened by this because the journalists of free speech opinion which they sold doesn't really hold up under the 89 act that they're bringing this suit. the government is saying falsely saying that these were independent and objective ratings, and also it's sort of like the -- you know, the bartender at the party handing out the fake ids, right? what happened here the rating agencies many of them were involved in structuring the deals. we had sec e-mails uncovered. so, you know, and they were questioning the veracity of the deals that they were rating. >> the congress cannot -- [inaudible]. the congress would like to do that, but it can't. stuart: yet again, however, just laying the charge ruins the company. mcgraw hill is the parent company of standard and poors it went down 14% yesterday. >> and the government is immune from the consequences of the catastrophic losses that it has caused the shareholders already. stuart: i think it is poli
CNBC
Feb 5, 2013 7:00pm EST
massive ratings mistakes on mortgage bonds and subprime issues. so far only s&p is being sued. while s&p's parent mcgraw hill stock dropped by 24%, moody's is also down by 20% since this news broke. let's ask two key questions right up front. first, is there a smoking gun inside s&p? or is this political pay back for s&p cutting the u.s. debt rating back in 2011? here's what the attorney for standard & poor's floyd abrams told david faber on cnbc earlier today. >> i don't think anyone knows. is it true that after the downgrade the intensity of the investigation significantly increased? yeah. i'm sure the government would say that it had nothing to do with it. we don't know why. >> but it did increase after the downgrade. >> yeah. >> but you don't though wt tho'. >> how could i? >> eric holder addressed that at his press conference today. >> they did what they did assessing what the credit wor y tth worthyness was of this nation. we looked at the facts, the law, the investigation that the great prosecutors and civil lawyers put together and made a determination that the filing of these
FOX News
Feb 23, 2013 1:00pm EST
economy facing a serious new setback. moody's announcing the first ever downgrade of the u.k.'s pristine credit rating by a whole notch. claiming growth in political turmoil for throwing the deficit reduction plan off course. still, prime minister david cameron says he has full confidence in the finance minister george osbourne, and britain now joins the u.s. in france and having lost its triple-a rating from at least one major agency. >> well, meantime, here at home, a triple threat to the u.s. economy is now taking a toll on businesses and consumers, some economists are now seeing new warning signs that higher taxes, flat wages, and growing debt are slowing our already struggling economy. in recent days woe've seen that wal-mart is stocking more shelves for less expensive products, to adjust for consumers purchasing power and we've jumped gas prices, nearly 50 cents, 50 cents in the past month alone. in addition to the tax cut that expired on january 1st, taking a 2% chunk out the average paycheck, now, a new survey suggesting seven out of ten americans are cutting back on spe
FOX Business
Feb 8, 2013 4:00pm EST
schneiderman issued a s&p to s&p and sent request for information to moody's and fitch ratings. >>> china auto sales setting a monthly record in january. the china association of automobile manufacturers reporting sales surged 46% to more than 2 million vehicles. >>> the newspaper union that fought tribune over a $67 million executive bonus proposal is asking the court to order tribune to pay the legal fees the fees total $358,000. >>> financial services going public in hopes to raise $290 million. they are filed documents for a initial public offering. that is today's speed read bus bus. david: bingo. right on the mark. home sales rose in 2012 to a five-year high. rates on a 30-year fixed mortgage have been attractive. the fed argued that robust housing market will bleed into all other sectors of the economy. why not join the crowd? our next guest says if you do you will join a crowd of lemmings going off a cliff. former reagan budget director david stockman, author of the forthcoming book, the great deformation. the corruption of capitalism in america. joining us now with his
LINKTV
Feb 15, 2013 2:00pm PST
for any business, but moody's ratings agency has downgrade one of its biggest rivals -- mcgraw-hill, which owns the world's largest ratings agency, standard and poor's. it reflects a recent lawsuit filed against s&p by the u.s. department of justice in connection with the 2006 housing market collapse. a group of german politicians are on a trip to turkey to try to make amends for the mistakes the country's police made in the course of investigating a murder scheme. >> the nationalist socialist -- the national socialist underground group killed 10 people between 2000 and 2006, targeting immigrants, but it took german investigators until 2011 to crack the case. >> many in turkey feel the investigation would not have been so bungled i of nine of the victims had not been turks. >> the german politicians had come to apologize for the failures in investigating the neo-nazi murders. in talks with the turkish justice minister and other high- ranking members of the government, they emphasize that germany is taking its responsibility in this matter very seriously, and that includes investigat
KCSMMHZ
Feb 15, 2013 2:30pm PST
for any business, but moody's ratings agency has downgrade one of its biggest rivals -- mcgraw-hill, which owns the world's largest ratings agency, standard and poor's. it reflects a recent lawsuit filed against s&p by the u.s. department of justice in connection with the 2006 housing market collapse. a group of german politicians are on a trip to turkey to try to make amends for the mistakes the country's police made in the course of investigating a murder scheme. >> the nationalist socialist -- the national socialist underground group killed 10 people between 2000 and 2006, targeting immigrants, but it took german investigators until 2011 to crack the case. >> many in turkey feel the investigation would not have been so bungled i of nine of the victims had not been turks. >> the german politicians had come to apologize for the failures in investigating the neo-nazi murders. in talks with the turkish justice minister and other high- ranking members of the government, they emphasize that germany is taking its responsibility in this matter very seriously, and that includes investigat
CNBC
Feb 14, 2013 9:00am EST
included moody's. berkshire owns more than 10% of moody's. obviously the stock has been hit hard because of the lawsuit against the s&p. he did say they have not changed their ownership or sold any of that stock in over a year. he said he has to see what the facts are with the s&p case but he said it must think that moody's would obviously be a secondary logical target if the government wins that case against s&p. and we also talk to him very briefly about a couple of other issues, brought up nyse, all the stories about his interest in the nyse. he said while someone at berkshire was contacted it was not him. he was not contacted person and he did not have any interest in the nyse on that part of it. he talked about this deal, 20% on the opening stock price, more than $72.50, because it was strayeding above that, heinz stock above that. he said no way, you're not getting another penny out of him. guys, i'll send it back to you. >> considering the stock was hitting an all-time high, 20% premium on top of that is a rich multiple. >> when you get 20% of your all-time high, interesting here,
FOX News
Feb 23, 2013 3:00pm PST
economic problem, britain's economy is facing a serious new setback. moody's, the credit rating agency, announced the first ever downgrade of the u.k.'s pristine credit rating by a notch, blaming weak growth and political turmoil for throwing its deficit reduction plan off course. david ram con says he has full confidence in his finance minister, george osborne, despite criticism that their debt strategy is failing to deliver, britain now joining the u.s. and france in having lost its triple a rating from at least one major agency. >>> serious new concerns out of iran asment country's powerful revolutionary guard begins new military exercises, at the same time iranian scientists announcing plans to build at least a dozen more nuclear power plants. conner powell has more from our middle east bureau. >> iran announced it found a new large uranium deposit which if true, would triple the size of their known supply. under the current sanctioned regime, iran is not allowed to import uranium, so a find this size would be a massive amount. tehran claims it's for peaceful civilian purpos
CNBC
Feb 6, 2013 9:00am EST
being sued. you have moody's stock is down. what was it, 15%, 16% at least. s&p down -- mcgraw-hill, excuse me. >> put yourself in that jury room. you're in the jury, the prosecutors bring in cats. remember the e-mail that says -- >> it will take place years from now. >> maybe not. justice department, the wheels of justice work swiftly when it comes to a case where they have e-mails saying the cows can do a better job. >> and the statute of limitations, if you go back to '07 -- >> now that they've charged, they've charged. >> bring farm animals in. you have them rate cbos, good, bad, and you see how mcgraw-hill did on these, and you see the cows did better. the prosecution will rest. that's a joke. can you imagine if cows did a better job? >> we've been living with that for a long time. >> they could have brought the case years ago. >> we'll see what the context is. >> why didn't they bring this years ago if these e-mails have been around? >> that's what david's question was yesterday. >> last night reading the complaint, there's a great page 53, where they had a better ratings mode
CNBC
Feb 4, 2013 2:00pm EST
have and i want it share something as well with you. this does not include moody's. other major rating agency, that rated the ceos. you know, brian, also rated essentially triple a. this is only s&p. there is one company that downgraded the u.s. government. there are those can i tell you, th, wondering about some political pay back. nonetheless, there are these beliefs among some people i have spoken to, why own state agencies. they have this idea of political pay back of s&p for the u.s. federal government. >> potentially broad reaching implications. sort of system, if you like. you know, the way it is all set up. we have to leave it there. i'm sure there is plenty more to the story. thank you. >>> in the meantime, mark set having a case of the mondays. we are seeing the biggest losses this year. we are all over this day, ahead. >> you know what this market needs? more flair. >> more player. >> get ready. almost time to crown our inaugural and possibly only stocks changeon. who won the epic battle of the ages? >> what's with all -- >> neither. >> neither. >> you will see, coming up p.
CNBC
Feb 4, 2013 5:00pm EST
. mcgraw-hill, owner of s&p, suffers its second-biggest one day drop ever. it's rival, moody's, falls double digits. melissa, back to you. >> josh. karen, you are long -- >> i really like this name. this is obviously not what we were looking for. i really thought we wouldn't see a big deal out of this. a settlement, i don't know if this is negotiating or they're going to take it to court. that may have well be the outcome. as much as i love the name, i would not jump in right here to think, okay, i have a good handle on it after two hours, would not be realistic. i think you got to wait, though i do love the name. even though it has discounted a multibillion dollar aftertax settlement already. >> walk me through what the trade is like. i mean, when you see that headline cross and you know there's going to be some sort of court action or settlement talk, something prolonged that we don't have a good sense. do you start trimming that position immediately? >> well, it depends. we have positioned some in calls which are long-dated leaps but they will expire next month. and then we have so
CSPAN
Feb 9, 2013 7:00pm EST
to make sure we don't have a second grade depression. >> an economist with moody's but this is moody's analytics who wrote a paper on this very estimated that without the policy response we could be 17 percent unemployment, a rate we have not seen since the 1930's. it would have been worse. people need to have a vague understanding of why the federal reserve did what it did and the obama administration did raise the deficit, bigger deficits are bad but there was a rationale for a stimulus package. but the biggest message of the book to me as the author is a paradox of the private markets ran amok but pretty effectively to put things back on track but at the end of the day you witnessed a sharp backlash you call it a big government americans are against it. but there was a reason for the government intervention the likes we have not seen since the 1930's and it would have been a preview. nonetheless you did have a backlash against the government in general, president obama, it would have been against him him, against a democratic party more generally, the federal reserve, keynes
CNBC
Feb 12, 2013 4:00pm EST
. the losers on the s&p including dunn a.m. bradstreet which showed weaker earnings for 2012. maria, back to you. >> markets reflecting improved economic conditions and a new report from moody's says major global economic risks have actually diminished over the last three months. colin ellis is the author of report and joins us now from london. with us is harry dent of h s. dent management who sees conditions very differently. good to have you on the program and want to kick this off with you. tell me what caused the downside risk for the global economy to diminish, and what exactly are you seeing? >> well, i think, really, what we're trying to say is conditions have changed over the last three months. very important that underpinning our global universe of ratings, we have a single consistent macro view, and that's why four times a year we set out that view to investors in the macro update which has been published today. and if you go back three months ago, we had a number of potentially stumbling blocks to the path of the global recovery. we were worried about the potential for so
CNBC
Feb 8, 2013 9:00am EST
street's estimates. moody's has been under a lot of pressure since the u.s. government launched that civil suit against rival s&p. reuters reporting that the justice department and some states are discussing suing moody's as well. there are also reports that new york's attorney general has formally requested information from moody's. so lots of worries here about legal risk. moody's conference call starts in just about an hour. carl, back to you. >> thanks so much, josh. senator richard blumenthal bracing for storms in his home state of connecticut, maybe on capitol hill as well. however, that's a different kind of storm. he'll join us later on to talk about nemo and the sequester. >>> plus, she's 16, she's an actress, and she's a stock trader. the details on the phenom behind fox on stocks is next. i'm glad we got cdw and cisco to design our data center. yeah, the cisco ucsc series server, with the intel xeon processors, help us scale smoothly, like a perfect golf swing. how was it before? clunky and full of unnecessary impediments. like charles' swing. i heard that. all stations co
FOX Business
Feb 11, 2013 10:00pm EST
tomorrow state of the union address. moody's chief economist joins us to tell us how the markets will react. just moments. first stocks opened with modest losses. the dow jones industrial down 22, s&p lost a point and nasdaq down to. two and a half million shares traded on the big board. i'll ask what that means. the lowest reading level since the 28 to december. fox business charlie gasparino reporting that that nasdaq group holding talks about taking them as -- nasdaq market private. the company is working on of rest what size workable computer. and i watch. the price of gold down almost $18 a day. crude oil up the dollar 301 closing above $97 per barrel. so far this year will up almost 6%. in the bond market the government's ture treasury closing with a yield of just under 2%. passengers on a five day cruise in the gulf of mexico are spending a few more than five days. the ship's engines caught fire over the weekend. that was not helpful. sending more than 42 wondered passengers and crew in the gulf. the ship being towed to port in mexico where it isexpected by wednesday. pass
FOX Business
Feb 6, 2013 4:00pm EST
a fair way. david: well, again, the question of selectivety is important too. moody's and fitch, there is no hard evidence, a case hasn't been made in court but it is assumed they were doing very much the same sort of thing s&p does. why not focus on one company? why not go against all three? >> it's very difficult to say. i suppose one appropriate reason would be if that's the only place where the government thought it had very clear evidence enough to get into court. but after all of this time, and knowing that all of these rating agencies were doing exactly the same thing, this does not look good for the justice department. david: no, it does look like selective justice. let's get into the case a little bit here. this is one memo that they're using in building their case. i think one is from 2007. and of course the key, the government's case against s&p is that they, sort of soft peddled ratings because they were actually being paid by the same people whose instruments they were rating. here is one analyst who said the fact is, ttere was a lot of internal pressure in s&p to d
CNBC
Feb 5, 2013 6:00am EST
the show. >> you've got floyd abrams coming up representing s&p in the next hour. your thoughts on the conspiracy theory inside s&p that this is payback for the downgrade over the summer? >> yeah, you know, andrew, it is interesting, jim, moody's is not a part of this. there is at least some sort of -- people are wondering, why not. is it possible it could be political payback for the downgrade in the summer of 2011. >> this is just the first one. the stock was tanking yesterday. >> that seems to be the expectation on the market, becky. but i don't know. >> it's always e-mails. >> the e-mails, right? >> it's always the e-mails. >> steve, you had so many other investigating committees that came up with e-mails that are incriminating. read anything you want about moody's, it's just as bad for the fact pattern as the s&p. >> another case on the first amendment, why is this different? >> we'll ask floyd abrams. >> david, jim, we'll see you. i wish you good luck with the dell news, david. >> you still have five minutes. >> yeah, still have five minutes. >> when we come back, our guest h
CNBC
Feb 20, 2013 3:00pm EST
see you. >> thank you. >> mark xander of moody analystics here today and if we're sitting here, 30 minutes left, the dow, if you're just joining us down about 100 points right now and the s&p down about a percent and the nasdaq down 1.2% after the fed minutes showed that the fed was starting to think about the possibility of ending its quantitative easing program at some point. not right now, but at some point, and that spooked the market. >> certainly is spooking the markets. also having an impact on the dollar today and bond yields. the defense industry will take a blow from massive government spending cuts, so why is the defense index hitting a new high today? that is next. >> and then game on. sony expected to unveil the playstation 4 in a few hours. we'll find out if that could jump start the struggling video gaming industry. that's coming up later on the "closing bell." and you'll find advanced safety technology like an available heads-up display on the 2013 lexus gs. there's no going back. on the 2013 lexus gs. (announcer) at scottrade, our clto make their money do more.re (
KRON
Feb 11, 2013 5:00pm PST
bd ecame moody... thatt's when i had an honest conversation with my doctor. we discdiussed all the symptoms. then hene gavega me some blood tests. shoswed it was low t. that's t'it. it wa s a number -- not just m. [ male alannouncer] todayd, men with lowt have and arogel 1.% (testosterone gel). the #1 #prescribd topicalic testosterone reprlacement therapy, increncases tesestoste when eused daily. women ann d children should avd contact with application sites. discoisntinuein androgel and cal cl your doctor if yof u see seunexpected sis of earleay puberty in a chil, or signsis in a woman, whiwch may include chachnges in body hair or a l aarge igencrease in a, possiosbly dy ue to accidccental exposure. men withwi breast cancer or who hhoave or might have prostate cancer, and wod men whn o are or may be pregnantna or are breastfeedin, shouloud notno use androge. seriouris sidesi effects ince worseniseng of an en elarged prostate, possiosble ine creased risk of prf ostate cancer, lowerow spermpe count, swellg of anklanes, feet, or body, enlearged or painful brea, propblems breathing du
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